HCL Tech Q2 Results Today: Profit, Margin Uptick Expected; Guidance, Deal Wins In Focus

HCL Tech Q2 Results Today: Information technology major HCL Technologies is expected to report a sequential rise in revenue and net profit for the quarter ended September 2025, driven by deal ramp-ups and lower restructuring costs. The company will announce its Q2FY26 results on Monday, October 13.

According to consensus estimates, HCL Technologies’ revenue is likely to increase 3.81% quarter-on-quarter (QoQ) to Rs 31,506.35 crore. Analysts expect margins to improve despite continued investments in SG&A and restructuring costs, supported by growth in generative AI-related projects.

In Q1FY26, the country’s third-largest IT services firm by market capitalisation reported a 10% year-on-year (YoY) decline in consolidated profit, even as revenue from

operations rose 8% YoY. The company had projected 3–5% YoY revenue growth in constant currency and an EBIT margin of 17–18% for FY26.

What Do Brokerages Say?

Axis Securities expects HCL Tech’s revenue to grow 3% QoQ and 8.3% YoY, led by strength in the BFSI and Hi-tech verticals, though the services business may remain soft. It projects profit after tax to rise 11.2% QoQ and 0.9% YoY, with operating margins expanding 87 bps QoQ but shrinking 142 bps YoY. Axis highlighted key factors to watch — including deal TCV and pipeline, updates on ER&D and services, and GenAI adoption.

Kotak Institutional Equities forecasts a 9.7% YoY and 4.3% QoQ revenue increase, with adjusted PAT up 1.3% YoY and 11.4% QoQ. The brokerage expects HCL Tech to retain its FY26 guidance of 3–5% revenue growth and 17–18% EBIT margin. Kotak anticipates deal TCV wins of $2.5–3 billion, including two large deals closed during the quarter. Investors are expected to focus on margin recovery, the impact of US tariffs on manufacturing and retail segments, and profitability from cost take-out and vendor consolidation deals.

Motilal Oswal Financial Services expects 1.7% QoQ constant currency growth, led by the BFSI and Hi-tech segments, with the manufacturing vertical under pressure. The brokerage sees margins improving by 50 basis points despite ongoing investments in GenAI, SG&A, and restructuring. Motilal expects HCL Tech to maintain its FY26 guidance of 3–5% YoY revenue growth in constant currency.

Overall, the Street will closely track HCL Tech’s margin trajectory, deal TCV momentum, and GenAI-linked opportunities, which could shape its growth outlook for the rest of FY26.